Aggregated News From Investment Management Regulators

Brexit: Information for the Belgian policyholders

Report/Flag

Please complete the required fields.



On 31 December 2020, the United Kingdom (UK plus Gibraltar) will withdraw from the European Union. Brexit has important consequences for the insurance companies and intermediaries that are active in Belgium on the basis of an authorization in the UK.

As from 1 January:

  • Insurance companies based in the UK may not launch new activities or extend existing contracts. They may continue, however, to ensure the regular performance of their existing insurance contracts, in the course of which they must guarantee compliance with the contractual obligations.
  • Insurance intermediaries from the UK may no longer carry out distribution activities in respect of insurance.

This of course applies only to companies or intermediaries that do not have an authorization to continue to carry out their activities in Belgium after Brexit.

The FSMA asks insurance companies and intermediaries from the UK to take measures before 31 December 2020 in order to limit the effects of Brexit on the contracts in their portfolio and to inform their Belgian policyholders as soon as possible of the consequences of Brexit for their existing contracts.

Are you a client of a British insurance company? In that case, we advise you to check before 31 December that you have adequate and complete information about the consequences of Brexit. If necessary, you can contact your insurance company or intermediary.

For more information, please see also the Brexit Consumer Guide published by EIOPA.

This news item was originally published by the Financial Services and Markets Authority (FSMA BE). For more information, please see the Source Link.

Regulator Information

Abbreviation: FSMA
Jurisdiction: Belgium

Recent Articles

The SEC Levels Up: Statement on In re Activision Blizzard

Feb. 3, 2023 Today, the Commission announced a $35 million settlement with Activision Blizzard Inc. (“Activision Blizzard”).

Mr William Stephen Cairns (date of Birth 15 January 1949) of Key West, Doyle Road, St Peter Port Guernsey GY1 1RG — GFSC

Date of prohibition order pursuant to section 33 of the Financial Services Business (Enforcement Powers) (Bailiwick of Guernsey) Law, 2020 and prohibited functions: From 2 February 2023 until 2 July

Mr Du Preez Gert Vermeulen (Date of Birth 5 August 1987) of Doyle Court, Doyle Road, St Peter Port Guernsey GY1 1RD

Date of prohibition order pursuant to section 33 of the Financial Services Business (Enforcement Powers) (Bailiwick of Guernsey) Law, 2020 and prohibited functions: From 2 February 2023 until 2 Mar

Publication of a Notice of the fact of a Prohibition Order and a Discretionary Financial Penalty — GFSC

On 2 February 2023, the Commission imposed discretionary financial penalties as follows:  Mr William Stephen Cairns (“Mr Cairns”) a financial penalty of £133,000; and  Mr Du Preez Gert Vermeulen (“M

Get the latest from Regulatory.News in your inbox!

×